Rakuten Group plans to offer ¥360bn of its 26th unsecured bonds at a coupon of 3.800% to 4.600% a year, according to an amended shelf registration filed with the Kanto Local Finance Bureau on 5 October. The rate is a range, not a final coupon. It is set to be fixed on 16 October, the conditions-setting date.
The filing fills in terms left as "undecided" in the original 18 September registration, which covered ¥600bn of bond capacity. The ¥360bn is a slice of that ¥600bn shelf, and the shelf's available amount is still shown as ¥600bn in the amended filing.
Terms and timetable
The bonds are issued in ¥1mn denominations at 100 yen per 100 yen of face value. Interest is paid on 29 April and 29 October each year, and the bonds mature on 28 April 2032. The subscription period runs from 19 October to 28 October, with payment due on 29 October.
| Term | Planned detail |
|---|---|
| Total amount | ¥360bn |
| Coupon range | 3.800% to 4.600% a year |
| Terms set | 16 October 2026 |
| Subscription period | 19 to 28 October 2026 |
| Payment date | 29 October 2026 |
| Maturity | 28 April 2032 (5.5 years) |
| Planned JCR rating | A- (dated 16 October 2026) |
The bonds are marked as ranking equally among themselves, and Rakuten plans to add a collateral restriction and a collateral-switch clause as financial covenants.
Rating and syndicate
Rakuten says it plans to obtain an A- (single A minus) rating from Japan Credit Rating Agency, dated 16 October. The agency describes its ratings as current opinions that can be revised.
The planned underwriters are Daiwa Securities, Rakuten Securities, Mizuho Securities, Mitsubishi UFJ Morgan Stanley Securities, SMBC Nikko Securities and Nomura Securities. Mizuho Bank is the planned bond administrator. The planned total payment amount is ¥360bn, and the filing says estimated issuance costs are undecided.
The filing describes a planned offering, with payment scheduled for 29 October, and the coupon and rating are still provisional.